bond insurance

Bond insurance guarantees payments of interest and principal on a bond or other security in the event of a payment default by the issuer and is crucial for businesses to establish trust with clients and secure contracts. It provides financial protection against employee theft, fraud, or non-performance. Bonding assures clients that the business will fulfill its obligations, enhancing credibility and competitiveness in the marketplace while mitigating risks for both parties involved.

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Businesses that choose bonding insurance

Businesses across various industries and types benefit from bonding insurance. Construction companies and contractors often require bid bonds to secure projects, performance bonds to guarantee completion, and payment bonds to ensure subcontractor payments. Service-oriented businesses, such as janitorial and landscaping services, may need bonds to protect against employee theft. Information technology firms might seek cyber liability bonds to reassure clients of data security. Ultimately, bonding insurance provides assurance to clients, enhancing business credibility and competitiveness. Industries ranging from construction to technology rely on bonding to mitigate risks, fulfill contractual obligations, and foster trust in their professional services.

Types of bonding insurance we provide

We offer various types of bonds and depending on the type of your business conducts, you may choose to obtain a bond. Some of the bonds that we offer include:

Surety Bonds: This type of surety bond is for people who may be contractually obligated to maintain a surety bond to guarantee performance. This type of surety bond covers contractors, manufacturers and suppliers.
Performance Bonds: Ensure a contractor fulfills their obligations according to a contract. If they fail, the insurer compensates the project owner, safeguarding against financial losses due to non-performance.

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Each Ford Insurance Agency client is supported by industry leading advisors and highly skilled account managers. We pro-actively address our clients’ needs and goals, while delivering personalized solutions.

Contact one of our business insurance experts to get your customized quote today. We are here to help you find the right coverage!